|JB Financial Group's headquarters in Jeonju, North Jeolla Province / Korea Times file|
By Yi Whan-woo
JB Financial Group said Thursday that it has launched a platform that integrates data from all of its affiliates, becoming the country's first banking group to bring together clusters of data that had been managed by individual lending units.
The group said the so-called "Data Hub" was made possible by using cloud computing technology that it developed on its own.
The company has been pushing to build a comprehensive banking platform to cope with the accelerated digital transformation in the banking industry.
The big data platform stores financial and other relevant data compiled by Jeonbuk Bank, Kwangju Bank, JB Woori Capital and other units.
The units accordingly can get access to customer data that had been scattered across various places both online and offline, for analysis purposes and to generate business strategies.
"It is believed that the data platform will allow the data to be processed up to 56 times faster than now," a JB Financial Group staff member said.
The banking group explained that the Data Hub will be helpful in analyzing consumer behavior and patterns in banking. The data can be used to develop customized services for individual clients through various channels, such as apps, internet banking and in-person consultations.
Park Jong-choon, who leads JB Financial Group's digital transformation, said that the firm will capitalize on the Data Hub to speed up this transformation and enhance its digital competence in the market.